The Ministry of Finance has just had a meeting with the Vietnam Petroleum Association to discuss a number of recommendations related to petroleum business.
At the meeting, Mr. Bui Ngoc Bao, Chairman of the Vietnam Petroleum Association, made a number of recommendations to the Ministry of Finance, including tax issues on petrol (import tax rate, VAT tax) , special consumption tax...); selling price of petrol and oil, costs in the price formula, regulations in the formation of the base price and proposal on price proposals in order to have a price suitable to the current situation of petrol and oil trading.
Before the association's opinion, Deputy Finance Minister Vu Thi Mai affirmed that if gasoline prices continue to increase, the ministry will report to the Government to submit to the National Assembly for promulgation an appropriate tax reduction resolution. In the immediate future, the Ministry will continue to seek advice on reducing the environmental protection tax on gasoline.
For the proposal to reduce the Most Favored Nation (MFN) tax on gasoline, the Ministry of Finance noted it and will study it to have an appropriate reduction.
Mr. Bui Ngoc Bao, Chairman of Vietnam Petroleum Association (Photo: VGP).
Speaking at the meeting, Finance Minister Ho Duc Phuc acknowledged that at present, the continuously rising petrol price has affected all industries and the production and business efficiency of the economy. The Ministry of Finance will have an internal meeting to evaluate and analyze the advantages, disadvantages, impacts and offer solutions on mechanisms and policies on petroleum.
According to the head of the Ministry of Finance, it is necessary to implement synchronous solutions to stabilize gasoline prices.
The first is to find an abundant but cheap supply. The second is related to taxes. Regarding this solution, Minister Ho Duc Phuc said tax reduction will affect fiscal policy but will stimulate demand and economic development.
Currently, in the gasoline price structure, there are taxes including import tax, VAT, excise tax and environmental protection tax. Environmental protection tax, currently reduced by 2,000 VND/liter and the Ministry of Finance is proposing to further reduce 1,000 VND/liter; As for the excise tax, if it is reduced, it must be submitted to the National Assembly according to its competence prescribed in the Law on Special Consumption Tax.
Third, according to the Minister, at the same time with tax reduction, it is necessary to prevent smuggling and reduce smuggling of petrol and oil. The Ministry of Finance said it will report to the Government on the above issues to synchronously implement solutions to promote economic development and stabilize people's lives.
At the latest operating period on June 21, domestic gasoline prices increased for the 7th time in a row and set a new peak. Specifically, the price of gasoline E5 RON 92 increased by 190 VND / liter, to 31,300 VND / liter; RON 95 gasoline price increased by 500 VND/liter, to 32,870 VND/liter.
According to Van Hung/Dantri.com.vn
